By DeVry University
Technology disruption is happening at a rapid pace all around us. From the Internet of Things to artificial intelligence, companies rely on the latest advancements in tech to help drive their business forward.
The world has changed so much in recent years, you may not even realize how disruptive today's technology has really become. With this in mind, let's explore the impact of technology on business over the last decade or so.
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Technology Drives Growth
With the expansion of technology in all areas of business, it's no surprise that these optimizations can directly impact a company's performance and bottom line. In fact, compared to businesses with low levels of digital engagement, digitally advanced small businesses surveyed by Deloitte experienced revenue growth nearly four times higher than the prior year. Those companies were also nearly three times as likely to create new jobs compared to the previous year.
Technology has changed the pace of business and raised the expectations of customers. The effects of technology on business don't stop there. Increased access has allowed us to leverage new and different technologies to grow and adapt our businesses. Here is a sample of today's trending technologies:
The Internet of Things (IoT).
The concept of connecting any device to the internet has created a giant network of connected smart objects with a vast number of use cases. 60% of business executives, according to a Forbes survey, say the IoT has opened up new business lines. Additionally, 70% of executives credit the IoT with delivering increased revenue.
With an increase in remote work over recent years, colleagues are looking for new ways to stay connected. In a survey conducted by Braidio, 81% of employees believed peer collaboration helped improve their productivity. Companies are taking note by implementing collaboration tools, and Microsoft Teams, Slack and Zoom are just a few apps seeing a big rise in popularity. In fact, Teams has now grown to more than 75 million daily active users.
Artificial Intelligence (AI) and Machine Learning.
Artificial intelligence has enabled deep-learning computers to reduce time spent on tasks, lower costs, improve flexibility and responsiveness and power online chatbots to help facilitate customer engagement. According to Forbes, 29.5% of CEOs surveyed from small and medium-sized businesses said AI is the new technology that will have the greatest impact on their business in the coming year.
Business Intelligence and Analytics.
Businesses use software tools to perform historical and predictive analysis of big data. This data is used to discover the causes of trends and events, as well as to find solutions to improve business operations. Using data in this way has allowed businesses to respond to and leverage trends more quickly – making the ability to interpret a highly valuable skill in the business job market. According to the Bureau of Labor Statistics, 26% career growth is projected for operations research analysts between 2018 and 2028.
Blockchain is a technology that exists to ensure end-to-end encryption of data in a way that records transactions, tracks assets and creates transparent data access. According to Deloitte, 53% of executives who were surveyed said blockchain technology was a critical priority in 2019—a 10-point increase over 2018.
Cloud computing eliminates the need for physical data centers and servers that used to be reserved for data backup, big data analytics use and development of customer-facing web applications. This helps businesses grow and offer new services and products without needing the physical infrastructure to do so.
New Technologies Bring New Challenges
As industries are impacted by technology growth, businesses that can successfully adapt to new challenges may be able to achieve new rewards. Some examples of such challenges include:
The Internet of Things
How can companies protect vast amounts of information from cyberattacks? They can prioritize software updates and use AI-powered monitoring and analytics to detect threats.
The Personalization of Customer Experiences
If data storage isn't protected, companies can experience negative financial and reputational effects. Companies can help mitigate this risk by setting up specialized cybersecurity teams, creating long-term performance incentives for IT teams and investing in specialized consultancy.